MCB FINANCE GROUP PLC - Results for the Period Ending 31 March 2013

MCB Finance Group plc (AIM: MCRB.L) ("MCB", the "Group" or the “Company”), which provides consumer finance solutions to retail customers in Finland, Estonia, Latvia, Lithuania and Australia, today announces its results for the three month period ending 31 March 2013.

Operational & Financial Highlights

  • Continued strong growth in lending volumes. Consolidated Loan Principal Issued by the Group grew by 17.9% to €24.5 million in Q1 2013 (Q1 2012: €20.8 million);
  • Fees and interest due from loans issued by the Group of €9.8m in Q1 2013, up 39% from the previous year (Q1 2012: €7.0m);
  • Consolidated Revenue growth of 31.5% to €7.8 million in Q1 2013 (Q1 2012: €5.9m), an increase over the quarterly revenue growth experienced in the previous two quarters;
  • Credit quality maintained, with impairment costs of 26.0% of Revenue for Q1 2013 (Q1 2012: 20.4%), within the targeted range;
  • Operating Profit from the Established Markets Business of €2.0 million (Q1 2012: €1.6m);
  • Pro Forma Profit Before Tax from the Established Markets Business of €0.9m in Q1 2013 (Q1 2012: €1.0m), after deducting €1.2m Financing Costs;
  • Group Pro Forma Loss After Tax for Q1 2013 of €0.3m (Q1 2012: Profit of €0.6m), after €0.9m operating losses from New Businesses and before unrealised foreign exchange losses on borrowings and other non-cash items;
  • €1.2m invested in Q1 2013 in keeping with the Company’s growth strategy to strengthen central functions, upgrade platforms, develop product lines and enter new markets;
  • Investment expected to moderate in coming quarters as new business and platform investments near completion, and New Businesses make progress towards break-even levels of profitability;
  • Q1 2013 constraints on longer maturity loan growth in the Established Markets Business now removed following the Company’s issuance of subordinated notes in March 2013.
Further information:
MCB Finance Group Plc

Paul Aylieff, Chief Financial Officer
paul.aylieff@mcbfinance.com


+372 501 4064
+44 7599 000007
 
Nominated adviser and broker:

Sanlam Securities UK Limited

Lindsay Mair / Catherine Miles
  

+44 20 7628 2200

Media enquiries:

Allerton Communications

Peter Curtain
peter.curtain@allertoncomms.co.uk


+44 20 3137 2500

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